ZAGREB, 2 February, 2021 - The Bosnian stumbling company called Vitezit, specialised in manufacturing explosives, was sold on Monday to the Winsley Defence Group which is owned by Croatian arms trader, Zvonko Zubak, local media in Bosnia and Herzegovina reported.

The Municipal Court in Travnik today held a public auction for the sale of bankrupt Vitezit's core business and Zubak took over that factory, based in the town of Vitez, at a price of €5.5 million.

The Viteski web portal reported that the Winsley Defence Group, headquartered in Odžak (BiH), has now become the owner of parts of the company that produces nitroglycerin, plastic explosives along with testing ranges, machines, plants and warehouses as well as the company's other facilities.

Zubak's company acquired Vitezit after three previous auctions failed.

According to the web portal the new owner announced the relaunching of production within 18 months and that he would employ 500 workers and invest €65 million into the company that should be capable of producing 4,000 tonnes of gunpowder a year.

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For more information about Vitezit, check out the documentary below, a Ring around Vitezit, with English subtitles.